Reclassified income statement
To facilitate the reading of the income statement, in view of the fact that Snam S.p.A. is an industrial holding company, the following reclassified income statement has been prepared, which “inverts the order of the income statement items pursuant to Legislative Decree 127/1991, presenting first those which relate to the financial operations, as this is the most significant component of income for those companies” (see Consob Communication 94001437 of 23 February 1994).
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(€ million) |
2013 |
2014 |
2015 |
Change |
% change |
Financial income and expense |
|
|
|
|
|
Income from equity investments |
757 |
536 |
875 |
339 |
|
Interest income and other financial income |
446 |
385 |
355 |
(30) |
(7.8) |
Interest expense and other financial expense |
(490) |
(435) |
(395) |
40 |
(9.2) |
Total financial income and expense |
713 |
486 |
835 |
349 |
71.8 |
Income from services rendered |
170 |
185 |
186 |
1 |
0.5 |
Other income |
13 |
12 |
12 |
|
|
Other operating income |
183 |
197 |
198 |
1 |
0.5 |
Other operating expenses |
|
|
|
|
|
For personnel |
(65) |
(68) |
(68) |
|
|
For non-financial services and other costs |
(126) |
(147) |
(134) |
13 |
(8.8) |
Total other operating expenses |
(191) |
(215) |
(202) |
13 |
(6.0) |
Profit before taxes |
705 |
468 |
831 |
363 |
77.6 |
Income taxes |
|
2 |
(6) |
(8) |
|
Net profit |
705 |
470 |
825 |
355 |
75.5 |
Net profit in 2015 was €825 million, an increase of €355 million, or 75.5%, compared with 2014. The increase is due to higher income from equity investments (+€339 million), resulting mainly from the dividends distributed by subsidiaries (+€251 million) and foreign investee companies (+€94 million), partly absorbed by the increase in income tax (-€8 million) mainly as a result of higher profit before taxes.